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Commodities

$4,697: Gold Prices Surge as Inflation Data Looms

Guavy AI Editorial Team
Instruments
Gold
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Gold prices are rising as investors look to position themselves ahead of this week's US core Personal Consumption Expenditures (PCE) inflation data. The metal is trading near its 15-week high of $4,697 after a brief dip below $4,650.

The US Dollar's safe-haven appeal has been undermined by renewed optimism surrounding the reopening of the Strait of Hormuz and the ongoing trade tensions between the US and Canada.

Commerzbank analysts note that gold prices have risen significantly in previous episodes of trade friction, damaging the USD's reputation as a reserve currency and safe haven.

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